Ardova PLC lauds Stanbic IBTC’s support for LPG storage project
AP LPG terminal, a fully owned subsidiary of Ardova PLC, has lauded Stanbic IBTC for supporting the LPG storage project. The project, which will be the largest LPG storage facility in the country, is aimed at easing some of the existing bottlenecks in the value chain, for the supply of cleaner and more efficient energy for domestic use among other strategic benefits.
Olumide Adeosun, Group Chief Executive Officer, Ardova PLC, expressed his organisation’s appreciation to Stanbic IBTC Infrastructure Fund for its commitment to the project and noted the importance of having formidable partners for project development, planning, execution, and investment support cannot be over-emphasised. This CEO expressed this at the ceremony for the official commencement of construction of the 20,000 metric tonnes Liquified Petroleum Gas (LPG) storage terminal is located at the project site in Ijora, Lagos
“We are pleased to have the support of the Stanbic IBTC Infrastructure Fund for its pioneering role in a transformational project within the LPG value chain, which will undoubtedly accelerate the various energy transition initiatives currently underway at Ardova PLC. This support has helped us commence construction of this 20,000 metric tonnes LPG storage terminal, which is expected to bring efficiency and reliability of LPG supply to Nigerian consumers as well as create long-term value for our shareholders; and for this, we are thankful”.
The ceremony signified the official commencement of construction activities which is expected to be completed in December 2022.
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